New HD Upgrade Scenarios

I want to upgrade to a 7200rpm internal drive.
I want a backup of my drive if my computer ever crashes.
I want to use the timemachine function.
Dont really care about internal or external storage space right now.
How can I accomplish all three? Am planning on getting a 320 internal drive, WD or Hit. Will clone my old drive to the new.
Can I have the old drive as is in a firewire enclosure AND use the extra space as room for the time machine? Or should I just put the old drive away somewhere and use another external drive as a backup?
Working on a budget of a $30 enclosure, a $85 HD. My current drive has 55GB used, probably could fit this on a 60GB drive and throw it in the safe.
One last thing to think about is having a good set up for a new macbook in two-three years, I may splurge and get the solidstate drive if it is reasonable AND is faster than a 7200 HD.
Suggestions? Points for frugalness and easy to understand explanations

Can I use the external drive as an archived clone incase my internal drive dies AND use it for the 'timemachine' function?
Sure, you could do that, but that doesn't make it an ideal solution to your anticipated need.
If you want a bootable clone, you're going to have to partition the old 150GB drive into at least two partitions: one for the clone and the other for Time Machine. Which means that you're locked into a clone partition size. Let's say you're generous and allocate half of the 150GB drive to a clone partition. What happens when you accumulate more files and the 53GB of data you have now balloons past that 75GB value? You'd have to erase and re-partition, wiping your clone and Time Machine backups.
I know, you said that you're not planning on adding any content to the drive anytime soon, but that new 500GB drive is going to beckon for adding stuff to it... It does happen.
I'd pick one route or the other, not a combination of both. Using Time Machine is simpler, requiring no effort on your part other than connecting the drive so it can run its routines. But you will need your Install disc if something goes wrong and you need to restore your system. Cloning requires more diligence on your part to make sure that the cloning routine gets executed regularly to protect your data.
Just my 2¢
-Douggo

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